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Commodity News Details
MCX Copper rebounds after testing lows under Rs 820 per kg in intraday moves
16-Oct-2024 17:57
COMEX Copper futures are stabilizing after a 1.5% crash in last session. The red metal currently trades up 1% at $4.38 per pound. Overall mood remains mixed for the metal though as market is eying weak Chinese demand and firm US dollar. Meanwhile, in equities today, China's Shanghai Composite index ended flat. Hong Kong's Hang Seng index closed down 0.16%, adding to recent losses. Japanese Nikkei index lost 1.80%. European markets saw mixed moves but undertone was mostly weak. US stocks eased yesterday as cooling optimism about Chinese stimulus measures hit commodities like crude oil and Copper. A drop in chipmaking stocks also weighed and the US benchmarks fell from record highs. MCX Copper futures are up 0.78% at Rs 823.55 per kg after testing a low of Rs 818.40 per kg.

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